Tesla (NASDAQ:TSLA) Given New $350.00 Price Target at Bank of America

by · The Markets Daily

Tesla (NASDAQ:TSLA – Free Report) had its price target boosted by Bank of America from $265.00 to $350.00 in a research report report published on Thursday,Benzinga reports. They currently have a buy rating on the electric vehicle producer’s stock.

Several other research analysts also recently weighed in on the company. Phillip Securities upgraded Tesla to a “moderate sell” rating in a report on Friday, October 25th. Wells Fargo & Company upped their price objective on Tesla from $120.00 to $125.00 and gave the stock an “underweight” rating in a report on Thursday, October 24th. Canaccord Genuity Group boosted their price target on Tesla from $254.00 to $278.00 and gave the company a “buy” rating in a research report on Thursday, October 24th. Robert W. Baird reiterated an “outperform” rating and issued a $280.00 price target on shares of Tesla in a report on Tuesday, August 20th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $295.00 price target on shares of Tesla in a report on Tuesday, September 10th. Eight equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $222.03.

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Tesla Stock Performance

TSLA traded up $24.31 on Thursday, reaching $321.22. The company had a trading volume of 201,778,563 shares, compared to its average volume of 94,877,094. The stock has a 50-day moving average price of $237.23 and a 200-day moving average price of $213.07. The company has a quick ratio of 1.37, a current ratio of 1.84 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $1.03 trillion, a PE ratio of 86.17, a P/E/G ratio of 9.51 and a beta of 2.29. Tesla has a 1 year low of $138.80 and a 1 year high of $328.71.

Tesla (NASDAQ:TSLA – Get Free Report) last issued its quarterly earnings data on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.14. Tesla had a return on equity of 10.24% and a net margin of 13.07%. The firm had revenue of $25.18 billion during the quarter, compared to analysts’ expectations of $25.47 billion. During the same period in the previous year, the firm posted $0.53 earnings per share. Tesla’s revenue was up 7.8% on a year-over-year basis. As a group, research analysts forecast that Tesla will post 1.96 EPS for the current fiscal year.

Insider Activity

In other Tesla news, Director Kimbal Musk sold 60,500 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $250.23, for a total value of $15,138,915.00. Following the sale, the director now owns 1,563,220 shares in the company, valued at approximately $391,164,540.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Tesla news, CFO Vaibhav Taneja sold 4,000 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $251.76, for a total transaction of $1,007,040.00. Following the sale, the chief financial officer now directly owns 105,032 shares of the company’s stock, valued at approximately $26,442,856.32. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Kimbal Musk sold 60,500 shares of Tesla stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $250.23, for a total transaction of $15,138,915.00. Following the completion of the transaction, the director now directly owns 1,563,220 shares of the company’s stock, valued at approximately $391,164,540.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 76,797 shares of company stock worth $19,211,821 over the last three months. Corporate insiders own 20.70% of the company’s stock.

Institutional Trading of Tesla

Several hedge funds have recently added to or reduced their stakes in the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in shares of Tesla by 60.2% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 549,008 shares of the electric vehicle producer’s stock valued at $108,638,000 after purchasing an additional 206,248 shares during the last quarter. Gladstone Institutional Advisory LLC grew its position in shares of Tesla by 6.5% during the 3rd quarter. Gladstone Institutional Advisory LLC now owns 43,377 shares of the electric vehicle producer’s stock worth $11,349,000 after buying an additional 2,664 shares during the period. Principal Financial Group Inc. increased its stake in Tesla by 5.6% in the third quarter. Principal Financial Group Inc. now owns 3,650,393 shares of the electric vehicle producer’s stock valued at $955,052,000 after purchasing an additional 194,796 shares in the last quarter. Morse Asset Management Inc raised its position in shares of Tesla by 138.1% during the second quarter. Morse Asset Management Inc now owns 5,969 shares of the electric vehicle producer’s stock worth $1,181,000 after purchasing an additional 3,462 shares during the period. Finally, AIA Group Ltd lifted its position in Tesla by 10.1% in the 3rd quarter. AIA Group Ltd now owns 83,374 shares of the electric vehicle producer’s stock valued at $21,813,000 after acquiring an additional 7,655 shares in the last quarter. 66.20% of the stock is owned by institutional investors and hedge funds.

About Tesla

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Tesla, Inc designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, and internationally. The company operates in two segments, Automotive, and Energy Generation and Storage. The Automotive segment offers electric vehicles, as well as sells automotive regulatory credits; and non-warranty after-sales vehicle, used vehicles, body shop and parts, supercharging, retail merchandise, and vehicle insurance services.

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